NEFT is not free anymore...

For internet savvy middle class families NEFT serves as the fastest way to transfer funds across bank accounts and it is cheaper too ( or should I say it was free till May 10th 2009)
NEFT a.k.a National Electronic Fund Transfer is a facility provided by R.B.I to transfer funds across Indian banks electronically.

Starting May 10th,2009 RBI has removed the waiver on processing charges for NEFT, so the charges would now be forwarded to the bank customers at the upper cap of Rs 5/- per transaction. Including the Service Tax and Educational Cess this should come on to Rs 5.52/- per transactions.

I wonder RBI never makes this dependent on the amount we transfer each time.

-Abhishek